Home / Others / Ripple earns 10% in a market-level recovery, now the second largest currency

Ripple earns 10% in a market-level recovery, now the second largest currency




The Ripple market segment recorded a recovery of 21% after setting a new November low at $ 0.329.

The XRP / USD rate reached 0.399-fiat on Monday with a higher formation on BitFinex. Meanwhile, the capitalization of the currency has reached almost $ 15.61 billion, replacing Ethereum to become the second cryptocurrency in the world.

The head of Ripple's marketing strategist, Cory Johnson, has promoted dialogue on how XRP is better than Bitcoin. Not that his statements could have shocked bitcoin investors, but surely they could have attracted potential holders. Johnson wrote about how the bitcoin was more centralized, being extremely influenced by the Chinese mining community, calling it a poor technology.

The XRP correction, however, has occurred in the absence of solid media, which means that its sustainability can not be guaranteed at this time. In the worst case, it could be a bear pennant formation that indicates the continuation of the current downward trend. In the best case, XRP could be directed towards a bullish recovery action, considering its less pessimistic cryptocurrency in the bear run that shook the entire cryptography market.

DIAGRAM 1D XRPUSD | SOURCE: BITFINEX, TRADINGVIEW.COM

The daily XRP chart, meanwhile, allows a better internal appearance, revealing RSI and Stochastic lately immersed in their oversold regions. The maximum XRP / USD is adjusted to stabilize, which means that the short-term uptrend should extend to the nearest resistance level, probably to the simple 100-period moving average before a potential pullback outperforms the trend.

At the same time, 0.329-fiat provides a decent support based on everyday life. The level had witnessed the purchase of feelings before and promised to keep bears with few bulls. A break below 0.329, on the other hand, could be devastating as it will expose XRP / USD to a collapse towards the next potential downside at 0.268-fiat. This level has offered strong support since August.

XRPUSD DIAGRAM 15M | SOURCE: BITFINEX, TRADINGVIEW.COM

A reduced version of the XRP / USD rate chart gives us more information on how we can play intraday trades. As of now, the pair is clearly pointing at 0.396-fiat as temporary strength while resting at 0.371-fiat, the temporary support for the rest of the day.

We are looking at XRP / USD by reversing the 200-period moving average on a 15-minute chart. It provides us with a fair opportunity for intermediate support. At the same time, placing a stop loss at 0.390 fiat will protect our position from maximum losses in the event that the upward correction resumes.

That said, an upward continuation would make us expect a break above temporary resistance. In that case, we will enter a long position towards 0.402-fiat as our provisional upward target, maintaining a stop-loss order at 0.393-fiat.

Safe trade!

Disclaimer: The author holds XRP, Bitcoin, Bitcoin Cash and Ethereum. The analysis above is his personal opinion and does not reflect the views of CCN.com. Readers' discretion is recommended.

Shutterstock foreground image. TradingView Charts.

Get an exclusive cryptographic analysis by professional traders and investors on Hacked.com. Register now and receive the first month for free. Click here.

Advertisement


Source link